Video: New Music Business Models
From the recent EconMusic Conference – Panelists: Cory Ondrejka, SVP, Digital Strategy, EMI; David Ring, EVP, eLabs, Univesal; Michael Spiegelman, Head of Yahoo Music; Chris Stephenson, GM of Global Marketing, Entertainment Business, Microsoft. Moderator: Ethan Smith, Music Industry Reporter, The Wall Street Journal.
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Everybody focuses on the big companies – what is myspace doing, what’s happening with labels…soooo boring to keep obsessing about this.
How about selling your music and related products/services, using social networking and building your own following on your own website as a new business model. Keep 100% of the profits minus any small transaction fees.
It’s all pretty good….but not at all, all practical.
You see, free is good…but everybody wants free…which is good…but everybody is on the free bandwagon…which is not to say you should pay an inordinate price for anything…if it exists it has value to someone….assess the value and pay the price of ownership/participation.
If you have something you personally truly value and you want to share it with someone…should that process of sharing cost something? Beside your internet connection, i.e. paying for the line of connection…it is “what” that is being communicated that ultimately has value.
Frankly, this is how it works for me…I have an idea…I tell someone and they have a point of view about it and, together, we come up with a shared vision. Hark…two people coming to better understand/appreciate one another, not on the basis of agreement or disagreement, but on connectedness…a sense of belonging and having something valuable to say…of being heard, maybe even respected…but that’s water over the edge of the glass…see ego.
The big boys want the largest number of eyes for the longest period of time…which is good…but a singular conversation with one other person is how we share a thought…that will be shared with one other and then another and another…it’s not a lot for a little…it’s a little for a lot.
I have seen people in droves diving into the free Facebook universe…it’s great. What you share is of value.
This has been a rant that ranks with those before, during and after the bubble burst.
Good luck everyone…you’ll need it. Oh, talent reigns supreme…without it…it’s all just feedback.
I think its important to see where the major players are heading, because like it or not, it will eventually determine how effective independents are in this space. Thanks for the insight that this video provided.
It’s not just a question of “free,” it’s looking closely into what “free” means. Remember the old advice, “you get what you pay for.”
NEARLY free access to the big stores is the answer for many. That’s what we provide, it’s why we started TuneCore in the first place. Obviously this isn’t for those who want to give their music away, but it’s a nearly free way to get your music into a trusted place to sell it (iTunes, AmazonMP3, etc.), with the legitimate framework in place and with the entire apparatus turnkey, ready to go.
I think this may be a compromise between what Will and Mitchell Fox are commenting in, above. TuneCore certainly delivers it!
Thoughts?
-Peter
peter@tunecore.com